控股股东的股票质押和股票回购通知上市公司的股票
Limei Cao1, Xiaoyun Zhu2, Jiani Xie3
1School of Accounting, Guangdong University of Finance and Economics, Guangzhou, Guangdong, China.
PloS one
|September 27, 2024
概括
控股股东使用股票回购来管理质押风险和保持控制,而不仅仅是为了提高市场价值. 信息披露质量会影响这种行为,影响企业的财务决策.
科学领域:
- 企业金融公司财务
- 市场监管 市场监管是指市场监管.
- 股东行为 股东行为
背景情况:
- 鼓励上市公司使用股票回购来提高市场价值.
- 中国2018年公司法修订导致股票回购通知增加.
- 股票回购背后的主要动机仍在争论中:市场价值管理与风险减缓.
研究的目的:
- 调查质押风险管理在公司股票回购决策中的作用.
- 确定控股股东是否使用股票回购来确保控制权和管理质押风险.
- 检查信息披露质量对股票回购行为的互动效应.
主要方法:
- 从2012年到2019年对上市公司的分析.
- 检查控制股东的股票质押和股票回购行为之间的关系.
- 评估信息披露质量的调节作用.
主要成果:
- 控制股东的股票质押显著影响股票回购行为.
- 质押风险是推动股票回购决策的一个关键因素.
- 信息披露质量缓和了质押风险对回购行为的影响.
结论:
- 控股股东的股票回购通常是由质押风险管理和控制安全驱动的.
- 市值管理可能不是唯一或主要的激励因素.
- 信息质量对于理解股票回购和质押风险的动态至关重要.
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